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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: waverider who wrote (23184)	6/1/1998 1:47:00 PM
From: marc chatman	Respond to of 95453

Easier said than done. I sold most of my holdings a few weeks ago, and I bought back at the end of last week based on my indicators. I saved a ton of money which would have been lost had I ridden out the 20% decline in the OSX. Today I am suffering terrible losses -- one of my worst ever days in the market. I agree with your point, though, that tax considerations should not cloud sensible investment or trading decisions. (I'm just in a very bad mood today.)

To: waverider who wrote (23184)	6/1/1998 1:49:00 PM
From: bw	Read Replies (1) \| Respond to of 95453

As a veteran of the 30 day wash rule, I agree that it shouldn't deter one from selling. One of the few great things about this sector is that rotation into a variety of comparable stocks is always an option. The way these stocks move in tandem...this is a benefit to trading the sector. And remember, don't fall in love with any of your stocks...There are always many excellent oil service companies from which to choose.

To: waverider who wrote (23184)	6/1/1998 5:03:00 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

Black Monday ... (Diamond -point well taken on wash sale rule)... I guess my point was that with my luck, I'd sell and then we would have a huge bounce off OPEC news and I'd be faced with buying above where I sold and also be faced with losing the tax loss benefit (as I would be looking at substantial losses) if I wanted to buy back in on the move up... kind of a double whammy. However if I would have heeded the advice of those that had been through the end of '97 and March sell-offs I would not be facing this issue - at least reduced/eliminated margin exposure (which I thought I was safe in with ( EVI, FGII, DO, TDW,etc ) very painfull lesson - as there was no safe place today. As one who is hesitant to ''market time'' and trade in & out; I certainly more strongly value the concept as of today. I will only use margin when I have market momentum strongly at my back, I will only use margin when I have market momentum strongly at my back, I will only use... expensive lesson. So what would trigger a day like today - no major news that I can see? I assume major, major shorting - the last big short run prior to what I would anticipate will be prudent covering prior to potential positive market reaction and a price bounce on the OPEC meeting ? I'm still long - what an opportunity to be rotating into this sector today; can not imagine major fund buying not happening on FGII, CDG and the deep drillers, how about MDCO,ESV, VTS, GLBL at these levels ? If this ain't real damn close to the bottom; its part-time job time selling big gulps at the 7-11 <vbg> ..only my sacred micro-cap OMNI gave me any solace today - go figure ?